Advanced Diamond Technologies Closes Series C Round of Financing

Published on July 28, 2009 at 7:45 AM

Advanced Diamond Technologies,
Inc. (ADT), a Romeoville, Illinois-based company which converts natural
gas into diamond, today announces the close of its Series C round of financing.
The Series C round was $3.5 million and oversubscribed; an up-round from ADT's
Series B which closed in October 2006.

ADT is the world leader in developing and applying diamond film for industrial,
electronic, and medical applications. ADT's capability stems from an innovation
that turns methane into a patented form of smooth diamond through a thin-film
process which enables the integration of diamond into a wide variety of devices.

ADT's products include UNCD® Wafers™—diamond-coated wafers
for MEMS (micro-electrical-mechanical systems) development, NaDiaProbes®—atomic
force microscopy (AFM) probes made entirely of diamond, and UNCD Seals—diamond-coated
mechanical seals for pumps. RF (radio frequency) MEMS devices for wireless communications,
biosensors to detect E. coli in water, and electrodes for water purification,
all made from diamond, are in development.

“Despite the challenges of raising money in this economy, investors saw
our momentum and the acceptance of our award-winning products in multiple industries
with repeat customers. As a result, we were able to raise more capital than
originally sought,” said ADT's president Neil Kane. “Proceeds
will be used to fund marketing initiatives, and coupled with our product development
pipeline, positions us well for accelerated growth.”